IRS Not Collectable Status

The IRS classifies taxpayers into several categories based on numerous factors that are present in a taxpayer’s financial and lifestyle circumstances, also known as his/her “status.” One status in particular, the Status 53, applies to taxpayers who owe taxes from previous years, but who currently have no ability to settle those debts. Status 53 is used for those people who are deemed to be “currently not collectible.”

By being placed on Status 53, taxpayers have significantly more breathing room for payment of their back taxes. As soon as a taxpayer is deemed currently not collectible, the IRS is required to cease all collection activities immediately. The IRS will, although, still send the taxpayer an annual statement that shows the amount of taxes still outstanding, but this is not a bill. It is important to note that the debt does not go away simply because of the status, and the IRS may still file a tax lien on future assets.

Our experts can help you obtain the currently not collectible status.  Click here for a free consultation or call us at 833-836-6398

Tennex Tax Solutions, Tax Return Preparation, Sebastian, FL